TOMS RIVER, NY – The cost of renting in New York City continues to climb, with the median asking rent reaching $3,599 in the third quarter of this year — a 5.4% jump from 2024, according to a new report from Realtor.com®.
The increase, which pushes city rents 20% above pre-pandemic levels, is putting homeownership within reach for renters willing to relocate to nearby suburbs or more affordable U.S. cities.
Analysts say a renter paying the city’s median rent could afford to buy a home priced between $400,000 and $690,000 in areas such as Yonkers, Toms River, or even Philadelphia and Orlando.
Key Points
- Median NYC rent hits $3,599, up 5.4% year-over-year
- Rents in Brooklyn and Manhattan show the sharpest increases
- Realtor.com data suggests city renters could afford homes in Yonkers, NJ suburbs, or major metros like Philadelphia
Rents rise across every borough
The quarterly report found that every borough saw an uptick in rent prices, led by Brooklyn at 6.8%, followed by Manhattan at 6.0%, the Bronx at 4.9%, and Queens at 2.2%. Smaller apartments — those with up to two bedrooms — saw the largest jump at 6.0%, with median rent now at $3,581.
“Affordability challenges remain front and center for New Yorkers,” said Danielle Hale, Realtor.com® Chief Economist. “Our data shows many renters could afford to buy a home elsewhere with the same monthly payment they’re spending on rent here.”
Nearby suburbs offer ownership potential
For renters hoping to stay near the city, Yonkers represents one of the most attainable options. The report found that a renter paying the NYC median could afford a typical Yonkers home priced around $421,000.
New Jersey suburbs such as Toms River, Brick, Freehold, and Jersey City also rank high for affordability. Homes in these markets range from the mid-$400,000s to upper $600,000s — within reach for those with Manhattan- or Brooklyn-level rent budgets.
Beyond the metro: cheaper markets draw attention
For renters open to relocating farther from New York, cities like Philadelphia ($286,000), Pittsburgh ($276,000), Orlando ($391,000), and Myrtle Beach ($289,000) all offer significant buying power compared to New York.
Only Naples, Florida, stood out as out of reach for most renters due to high home and insurance costs.
Rent affordability tied to high income demands
To qualify under the standard “30% income rule,” New Yorkers would need annual household incomes between $126,000 and $190,000, depending on borough. That translates to gross monthly earnings of about $10,500 in the Bronx, $13,300 in Brooklyn, $15,800 in Manhattan, and $11,500 in Queens.
“Even as wage growth improves, affordability remains the core issue,” Hale said. “That’s why more New Yorkers are looking to nearby suburbs and affordable metros where they can turn rent payments into equity.”
Methodology
Realtor.com® analyzed all NYC rental listings for the third quarter of 2025, including apartments, condos, and single-family rentals, across the five boroughs. Data is based on advertised asking rents, with historical trends dating back to mid-2019.